Citigroup Starts Handing Out
Pink Slips in Its Restructuring

Citigroup Inc. began the first phase of its anticipated cost-cutting effort this week and started handing out pink slips to more than 1,000 employees.

Citigroup's restructuring plan, which will be unveiled this morning, is considered the big bank's first major overhaul since its formation a decade ago. It comes at a time when Chairman and Chief Executive Charles Prince is under intense pressure from shareholders to put a lid on...